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大行評級|交銀國際:維持網易“買入”評級 暴雪恢復合作對短期業績影響有限
交銀國際發表報吿指,昨日暴雪中國與網易共同宣佈更新協議,將從今年夏季陸續重新返回中國市場。該行認為暴雪恢復合作對短期業績影響有限,與微軟的協議有利於提升雙方海外長期合作空間。雙方關於推動網易新遊戲上線XBOX等平台的協議將有利於網易海外遊戲多終端佈局。該行假設暴雪國服下半年迴歸,預計2024和2025年端遊收入較此前分別上調11%及19%,端遊將在下半年恢復20%以上增速,對公司全年總收入上調幅度在2%至3%,利潤影響有限。基於近期流水波動,該行下調對網易2024年收入和利潤預期各2%和4%,H股目標價從206港元下調至194港元,期待今年重磅手遊《永劫無間手遊》、《燕雲十六聲》上線提振遊戲收入增長,維持“買入”評級。
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